Phillips 66 CEO Says Change in Venezuela a Boon to Oil Refiners

One of the largest US oil refiners sees a potential reopening of Venezuela’s oil industry as a major boost to fuel-makers that rely on heavier crude grades.

Phillips 66 and other refiners that process heavier oils stand to benefit from increased Venezuelan exports and shifting global trade flows, said Chief Executive Officer Mark Lashier at the Goldman Sachs Energy, Clean Tech & Utilities Conference Tuesday.